Bitcoin Breaks 'Adjustment Theory', Breaks 89K... Will It Break 90K?

BTC, surpasses 89K in the morning buying pressure...BTC market cap exceeds silver
Doge, skyrockets on the success of 'Doge Father' Musk's 'Trump bet'
Amid the Doge surge, many altcoins record double-digit gains

BTC (BTC) rose 10% in the morning, recording $89,000, backed by the 'Trump power'.

BTC has been on an endless upward trend since the election of former President Trump as the 47th President of the United States last week. Breaking through record highs several times, BTC continued its rise on the morning of the 12th, with the price per unit exceeding $89,000, shattering the expectation that an adjustment would soon follow.

With the soaring price of BTC, BTC has surpassed silver in market capitalization and ranked 8th in the global asset rankings.

Along with the rise of BTC, Doge (Doge) also showed endless surges. Doge has been skyrocketing endlessly as Elon Musk, the CEO of Tesla, who calls himself the 'Doge Father', showed a 'Trump all-in' move during the presidential election campaign, along with Trump's election.

Doge recorded a 44% increase in a single day, showing the appearance of a 'top-tier' coin.

Led by the surge in Doge, many altcoins also recorded double-digit gains, showing the momentum of a fierce bullish market.

◇BTC = As of 4 pm on the 12th, based on Upbit, the price of BTC is 12,794 million won. BTC dominance is 60.08%.

According to on-chain analysis platform Sygbit, the long (bullish) and short (bearish) betting ratio in the BTC futures market is 45.04% and 54.96%, respectively.

As BTC continues to set new highs, the market is dominated by optimism that BTC will also break through $90,000.

A domestic cryptocurrency-related official said, "The demand for BTC spot exchange-traded funds (ETFs) in the US is surging, and the funds flowing into BTC are unlikely to quickly flow out in the short term," and "The heat of BTC could continue until January next year when the Trump administration fully emerges."

◇Rising Coins = As of 4 pm on the 12th, based on Upbit, the cryptocurrency that recorded the largest increase compared to the previous trading day was Doge (Doge), which rose about 16.30%.

Doge is a representative 'meme coin' and the cryptocurrency with the highest brand value due to the marketing of Elon Musk, the CEO of Tesla.

Doge has become a major altcoin with a market capitalization of 8th place since 2021, when Elon Musk proclaimed himself the 'Doge Father'.

Elon Musk, the CEO, declared in February 2021 that he would use BTC as a payment method for Tesla electric vehicles, leading to a surge in BTC, but suddenly withdrew his position citing environmental issues, leading to a sharp drop in BTC. Since then, he has continued to praise Doge instead of BTC, earning the nickname 'Doge Father'.

CEO Musk has received a lot of attention for his bold support for Trump during the election campaign. Musk directly established and operated the super PAC 'America PAC' to support the election of former Republican presidential candidate Donald Trump, and is known to have spent at least $132 million (about 184 billion won) on supporting Republican candidates for the Senate and House of Representatives.

With Musk's 'Trump all-in' succeeding, Doge is experiencing a huge surge.

◇Fear-Greed Index = The Cryptocurrency Fear-Greed Index provided by Alternative is at 80 points, entering the 'Extreme Greed' stage. Extreme Greed is a stage of rising accompanied by high trading volume and strong volatility. The possibility of market exodus at the peak is high, which can be considered a selling zone for institutions.

The Relative Strength Index (RSI) for cryptocurrencies provided by Sygbit is 87.0, recording an 'overbought' state. RSI is an indicator that represents the relative strength between the upward and downward pressure of the price of a specific asset, indicating the degree of overbought and oversold of the asset.

Reporter Kwon Seung-won ksw@blockstreet.co.kr